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MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />515 Little Canada Road, Little Canada, MN 55117-1600 ADMINISTRATOR <br />(651) 484 -2177 / FAX: (651) 484 -4538 Joel R. Hanson <br />Email: cityhall@ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />DATE: October 20, 1999 <br />RE: Deferred Assessments <br />At its last meeting, the Council called for a public hearing to consider the lowering of the <br />interest rates on certain deferred assessments. In looking further at the deferrals, there are <br />a few deferred at a rate of 7.25 percent. These particular deferrals involve improvements <br />where assessments have not yet run their full term. Therefore, there are property owners <br />without deferrals paying 7.25 percent on their assessment balances. From a consistency <br />• standpoint, we would propose leaving the interest rate on this particular deferrals at <br />7.25 %, and eliminating these from the public hearing list. <br />PAGE 222 <br />